A quick and easy way to get rid of excess inventory and save money on taxes is to donate the products to The National Association for the Exchange of Industrial Resources (NAEIR).
By donating to NAEIR (Galesburg, IL), regular C corporations may deduct the cost of the goods plus half the difference between cost and fair market value. The deduction could be up to twice the cost of production. S corporations, partnerships and sole proprietorships earn a straight cost deduction.
More than 7,000 companies have donated $1.6 billion in inventory since NAEIR's founding in 1977. The products are distributed to schools, churches and nonprofit organizations.
For more information, call 800-562-0955, or e-mail donor@naeir.org.
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